The IEA and OPEC, two of the biggest voices in the oil markets
OPEC have agreed to extend production cuts to the end of 2018 as the cartel aim to re-balance the oil market.
OPEC and its allies meet in Vienna this week to discuss production strategies.
The oil market has rebounded with buyers paying a premium to receive their barrels speedily.
Oil has dwindled towards $55 per barrel as traders are wary of OPEC and Russia’s commitment to extend supply cuts beyond March 2018.
Crude oil shifted lower overnight, falling below $55 per barrel.
Oil prices reached $64 per barrel as an anti-corruption crackdown ensues in Saudi Arabia.
Oil marched higher overnight, after Saudi support of the extension of supply cuts until the end of 2018.
Kurdistan has pleaded with Iraqi officials to halt its military operations in return for a suspension of its independence agenda.
Oil prices fell on Friday thanks to a combination of profit-taking and less risk stemming from Kurdistan.